Brokerage Morning Meeting Highlights | The logic of dividend allocation in banks continues

Yesterday, the three major indices fluctuated and pulled up in late trading before falling back again, with the STAR 50 Index showing relatively strong performance. Trading volume shrank significantly, with combined turnover on the Shanghai and Shenzhen stock exchanges reaching 1.41 trillion yuan, hitting a new low for the year. On the board, concepts such as solid-state batteries, PCB, real estate, and AI applications were active. On the decline side, the glass substrate concept weakened, with WG Tech (JiangXi) Group, Caihong Display Devices, and others falling. As of close, the Shanghai Composite Index rose 0.18%, the Shenzhen Component Index rose 0.34%, and the ChiNext Index rose 0.09%. Huatai believes that the logic of bank dividend allocation continues; CICC believes that electronic cloth demand is booming, and domestic equipment is welcoming an expansion window; CITIC SEC believes that real estate releases demand and boosts prices. Huatai: The logic of bank dividend allocation continues On September 29, the People's Bank of China adjusted and improved monetary policy tools, involving PSL, relending for technological innovation and technological transformation, and relending for agriculture and small businesses; the Ministry of Finance and other departments introduced an interest subsidy policy for residents' home purchase loans, providing fiscal interest subsidies for eligible first-home commercial personal housing loans. The two sets of policies were implemented in coordination. Against the backdrop of credit growth shifting from scale expansion to quality improvement and efficiency enhancement, this round of policies highlights the orientation of structural optimization, increasing support for major projects, technological innovation, small and micro private enterprises, and rigid housing demand. It is expected that the central growth rate of bank credit will continue to gradually slow, and policies will shift toward optimizing credit structure and improving financing demand in key areas. CICC: Electronic cloth demand is booming, domestic equipment welcomes an expansion window The 2026 AI computing power resonance will boost the special electronic cloth expansion cycle. As the second derivative of the industry, weaving machines and other equipment saw significantly increased market attention in 2026Q3. On one hand, domestic weaving machine equipment is gradually undergoing small-batch verification; on the other hand, the profitability of overseas special electronic cloth leaders exceeded expectations, strengthening industry capital expenditure willingness. Focus on the performance improvement and order fulfillment of domestic electronic cloth weaving machines in 2026H2-2027. CITIC SEC: Real estate releases demand, boosts prices Facing the pessimistic market expectations formed by the inertial downward trend in prices, it is expected that policies will still actively boost demand, with supply and demand working together to promote a halt in the decline and recovery of housing prices. The existing-home sales policy has basically eliminated delivery risks and enhanced consumer confidence. Under the support of policies on both the supply and demand sides, by around the Spring Festival in 2027, housing prices will stop falling and recover across a relatively broad range, and the recovery of market prosperity may accelerate noticeably. This article is reprinted from "Cailian Press", GMTEight editor: Chen Siyu.